Institutions-Prop Trade Ward Off Individuals’ Selloff with a Combine of ฿4.1Bn Net Buy
A short summary to inform investors of what had happened in the Thai stock market on January 5, 2021.
– SET Index closed at 1,506.65 points, increased 38.41 points or 2.62% with a trading value of 115 billion baht. The analyst stated that the confidence started to pick up after the government affirmed of no full-scale lockdown, which allowed economic activities to continue driving the country. However, the index that rose above 1,500 points was not positioned firmly as the gain was due to a buying pressure in some stocks such as DELTA and power-generation stocks that drove the market.
In the meantime, the market is keeping a closer look on the increase of individual income tax, proposed by Joe Biden in which investors could switch to EM if the plan is approved.
More importantly, the analyst advised investors to keep an eye on the meeting of OPEC and its allies to see the direction of major oil producers and their outlook.
In addition, the analyst stated that it is possible that SET Index will continue the streak, while setting a support level at 1,485-1,490 points and a resistance level at 1,510-1,515 points.
– The buying pressure from Local Institutions and Proprietary Trading worth 4.1 billion baht buoyed SET Index nearly 40 points despite a profit-taking from Individuals.